Wellington Management Group LLP Has $288.10 Million Stock Position in Independence Realty Trust, Inc. $IRT

Key Points

• Wellington Management Group LLP has increased its stake in Independence Realty Trust by 1.3%, now owning approximately 13.57 million shares valued at $288.10 million.
• Overall, 88.25% of Independence Realty Trust's stock is now held by institutional investors and hedge funds, indicating strong institutional interest.
• Analysts have given Independence Realty Trust an average rating of "Moderate Buy" with a consensus price target of $22.56 per share.

Wellington Management Group LLP boosted its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 13,570,175 shares of the real estate investment trust's stock after buying an additional 171,228 shares during the quarter. Wellington Management Group LLP owned 5.80% of Independence Realty Trust worth $288,095,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in IRT. Brooklyn Investment Group grew its position in Independence Realty Trust by 131.4% in the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust's stock worth $27,000 after buying an additional 712 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Independence Realty Trust during the first quarter valued at approximately $53,000. GKV Capital Management Co. Inc. purchased a new position in Independence Realty Trust during the 1st quarter worth approximately $57,000. GF Fund Management CO. LTD. purchased a new position in Independence Realty Trust during the 4th quarter worth approximately $83,000. Finally, Wealthquest Corp purchased a new position in Independence Realty Trust during the 1st quarter worth approximately $85,000. Institutional investors and hedge funds own 88.25% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on IRT. UBS Group lowered their price objective on shares of Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a research report on Tuesday, July 15th. Barclays lowered their price objective on shares of Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 12th. Wall Street Zen upgraded shares of Independence Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. JMP Securities reiterated a "market outperform" rating and set a $25.00 price objective on shares of Independence Realty Trust in a research report on Monday, May 5th. Finally, Compass Point upgraded shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $22.56.

Independence Realty Trust Trading Down 1.3%

IRT stock traded down $0.2250 during midday trading on Monday, reaching $17.4550. The company had a trading volume of 279,844 shares, compared to its average volume of 2,201,859. Independence Realty Trust, Inc. has a 1 year low of $16.59 and a 1 year high of $22.26. The company has a market capitalization of $4.08 billion, a P/E ratio of 145.41, a PEG ratio of 2.44 and a beta of 0.94. The company has a 50 day moving average of $17.44 and a two-hundred day moving average of $18.90.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The company had revenue of $161.89 million for the quarter, compared to analyst estimates of $164.78 million. During the same quarter in the prior year, the business posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, sell-side analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Profile

Independence Realty Trust, Inc NYSE: IRT is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.